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Do you know the simple interest formula?
I = the money created in dollars P = the principal, which is the amount of money you started off with R = the interest rate per year in decimal form T = the time in years
Are you still there?
Do you want me to set it up for you?
hold on let me get the answer first
Take your time :)
Nah I got it
Do you know where I got 0.04 from?
I think i'm missing something
yes you divide it by 100 to get the decimal form
I read the question wrong
I'm sorry I took algebra last year trying to refresh my mind
It says she got 4% investment annually and she did this for 8 years
That would be 32%
for the 8 years
So, 32% of 1536, which is 491.52?
You have to get the interest rate in decimal form
I keep getting 491.52...Oh well, it's just 1 question, and i got all the others right.
I'm not sure it is 491.52 I remember taking this last year and I know i'm missing something important
They're asking how much she earned in total
She earned 1,526 dollars from the interest rate during 8 years
0.32x = $1536 ----- ----- 0.32 0.32 ------------- x = 4800
Thanks! Glad you could help! I'll be sure to come back to this if i need you
Tell me if it's correct or wrong please
Thank god @tkhunny is here
So it was correct?
How much was Hannah's investment? I =Prt Hannah earned $1536 I = 1536 1536= Prt in 8 years t = 8 1536= Pt(8) on an investment at a 4% annual simple interest rate. r = 4%= 0.04 1536 = P(0.04)(8) Solve for P. The investment is most likely to be greater than the interest earnings.
Thank you @tkhunny but I got it :P
It helps to be systematic and organized. :-)
Ye i'm sorry for the confusion I took this class last year and I forgot most of what I took